Portals De La Rue Ltd.

What Portals De La Rue Ltd. does

Portals Paper Ltd (legally Portals De La Rue Ltd.) is a UK-based manufacturer of high-security paper substrates for sovereign identity and authentication documents, operating the only dedicated cylinder mould wood pulp security paper mill in the world from its Bathford, Bath site. The company's core technology is cylinder mould papermaking, which forms three-dimensional multi-tonal watermarks as an intrinsic part of the paper sheet during manufacture — a process that produces watermarks Interpol recommends for high-security documents and which the company describes as virtually impossible to simulate. Around this platform Portals has developed a portfolio of patented and trademarked security features (Cornerstone®, Edgestone™, Textmark™, Skylight™, Port-Hole™, Motus™) addressing edge/corner durability, chemical alteration, dismantling attacks and micro-optic authentication, plus related capabilities in security threads, fibres and planchettes, and toner adhesion treatments.

The company's product portfolio is organised into three solution lines: Passport Papers (for sovereign ePassport and traditional passport booklets, the dominant application), Certificate Papers (for vital event certificates, breeder documents, motor vehicle titles and entitlement credentials), and Security Document Papers (for brand protection labels, stamps, transactional vouchers and financial instruments). Bespoke substrate design is delivered in collaboration with in-house solution designers, the Mould Office watermark origination team, and downstream partners such as HID for polycarbonate bio-data page integration. Customers are sovereign governments, national passport authorities and expert security printers; Portals supplies paper for over 70 million passports and 60 million certificates annually, used in more than 50 countries globally, and counts over 100 issuing authorities as customers.

Commercially, Portals operates a pure B2B/B2G enterprise field sales model with no intermediaries or resellers. Sales are handled by an in-house Sales and Commercial team working directly with government passport offices and security print houses on bespoke specifications, with revenue generated per contract tied to customer-specific document designs, volumes and feature integration. Pricing is negotiated privately on a per-contract basis and is not publicly disclosed. The company was carved out from De La Rue via a 2018 management buyout and acquired by German security paper maker Drewsen Spezialpapiere on 13 January 2025, while both entities continue to operate as separate specialist businesses under the combined group.

Name

Portals De La Rue Ltd.

Legal name

Portals Paper Limited

Website

https://portalspaper.com

Company type

Private

Founded year

1712

Operating status

Operating

Short description

Portals Paper Ltd. manufactures high-security paper substrates for sovereign passports, certificates and security documents from the world's only dedicated cylinder mould wood pulp security paper mill at Bathford, UK, supplying over 100 issuing authorities across more than 50 countries.

Ownership category

akta.pro rank

Product category

Security Paper Manufacturing

NAICS

Paper Mills (32212), Paper Mills (322120), Paper Manufacturing (322)

SIC

Paper Mills (2621), Papers & Allied Products (2600)

akta.pro primary industry

Specialty Paper Manufacturing (Coated, Release, Thermal, Filter, Security) (IMAMAEAC)

akta.pro secondary industry

Industrial & Technical Paper Manufacturing (Electrical, Abrasive Backing, Medical/Pharma) (IMAMAEAD)

Keywords

• Security paper manufacturing
• Passport paper substrates
• Watermarked security paper
• Cylinder mould papermaking
• Identity document paper

Headquarters

HQ city

Basingstoke

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Technology or R&D

Revenue model

1. High-security paper substrate sales: Portals generates revenue through the manufacture and sale of bespoke high-security paper substrates to passport printing agencies, government issuing authorities, security printers, and certificate issuers worldwide. Paper is supplied in either webs or sheets according to customer-specific requirements. The revenue model is project-based and recurring (long-term supply contracts with governments for passport and identity document paper), with each order tied to specific document specifications.
2. Custom security feature integration: In addition to base paper sales, Portals generates revenue from the integration of bespoke security features (watermarks, threads, fibres, chemical treatments) into the paper specification, priced as part of the overall substrate solution.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels6 records

Core offering

Portals Paper manufactures bespoke high-security paper substrates — the physical paper used in passport booklets, certificates, and security documents. Operating the only dedicated cylinder mould wood pulp security paper mill in the world at Bathford, UK, the company integrates patented watermarks, security threads, fibres, and tamper-evident features into paper supplied to governments and security printers in over 50 countries.

Product overview

Portals Paper Ltd is a manufacturer of high-security paper solutions for identity and security documents. The company operates the only dedicated cylinder mould watermarking facility in the world at Bathford Paper Mill. Its product portfolio comprises three core product lines—Passport Papers for passports and visas, Certificate Papers for vital events and credentials, and Security Document Papers for brand protection and vouchers—along with multiple sub-products including patented watermark features (Textmark™, Cornerstone®, Edgestone™, Skylight™), security inclusions (threads, fibres, planchettes), and functional treatments (chemical sensitisation, toner adhesion). The company produces over 70 million passports and 60 million certificates annually for use in over 50 countries worldwide.

Differentiator

Problem solved

Functional benefit

Products and services

• Passport Papers

Quantifiable outcome

• More than 70 million passports and 60 million certificates produced annually using Portals paper, serving governments in over 50 countries.
• +4 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature12 records

Partnerships

Six partnerships are on record, tiered minor and core.

• IN GroupeminorStrategic or Co-development Partner · 9 May 2023IN Groupe, a French-headquartered global specialist in identity and digital services (formerly Imprimerie Nationale), signed an agreement with Portals for the sale of Portals' security components business (Portals Technology Srl, based in Bollate, Italy). The business specialised in producing anti-counterfeiting features such as security threads, holographic stripes and patches. This transaction was expected to complete in the first half of 2023, subject to customary approvals.
• HIDcoreStrategic or Co-development PartnerHID is a key partner in passport book design and assembly. Portals worked closely with HID alongside the Republic of Malta and Republic of Rwanda passport programmes, integrating Portals' watermarked paper with HID's polycarbonate bio-data page technology and document assembly expertise.
• Fedrigoni (security business)minorStrategic or Co-development PartnerPortals acquired Fedrigoni's security business in 2021, which was subsequently sold to IN Groupe in 2023. Within the 18-month ownership period, Portals invested in new product innovation including the Motus™ micro-optic thread launch (6 months after taking ownership).
• IntergrafminorOthersPortals actively engages with Intergraf, the European federation for printing and digital communications, for security documents best practice. Portals was the first organisation in the world certified to Intergraf's upgraded CWA 15374: 2018 standard for suppliers to the security printing industry.
• ICAO (International Civil Aviation Organisation)minorOthersPortals actively engages with ICAO and has links to global border control agencies and document fraud specialists. Portals' electrotype watermarks are compliant with ICAO document 9303 Part 2 specifications for machine-readable travel documents.
• InterpolminorOthersPortals maintains strong relationships with Interpol, the United Nations, the International Organisation for Migration (IOM), and the Organisation for Security and Co-operation in Europe (OSCE). Portals' cylinder mould watermarks are recommended by Interpol for use in high security documents.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Regional players

• Fedrigoni: Italian specialty paper group whose security paper business was acquired by Portals in 2021 and then divested to IN Groupe in 2023. Comparable as a former participant in the security paper space with overlapping customer base.
• Arjowiggins Security: French specialty paper manufacturer with a security papers division serving passports, banknotes, and certificates. Comparable in security paper product category with European production footprint.

Others

• HID Global: US-based identity solutions company that partners with Portals on passport book assembly (Malta, Rwanda programmes). Adjacent rather than directly competing — an ecosystem integrator that combines Portals' paper substrates with polycarbonate bio-data pages.

Broad incumbents

• Crane NXT (formerly Crane Currency): US-headquartered provider of currency substrates, security features, and authentication technologies for banknotes and identity documents. Comparable in serving central banks and security printers with paper and feature solutions.
• Giesecke+Devrient: German security technology company providing banknote paper, identity documents, and digital security solutions. Comparable as a broad incumbent in the security paper and identity document ecosystem.
• IN Groupe (formerly Imprimerie Nationale): French-headquartered identity and digital services specialist that acquired Portals' security components business in 2023. Comparable as an integrated identity document producer that also competes in security feature supply.
• De La Rue: UK-based global security printer and former parent of Portals, producing banknote paper, identity documents, and security printing. Overlapping customer base and security document value chain, though much broader in scope.

Direct peers

• Drewsen Spezialpapiere: German specialty security paper manufacturer (parent company of Portals since January 2025) producing security papers via Fourdrinier machines. Directly comparable in product category, customer base (governments and security printers), and end-use applications including passports and certificates.
• Louisenthal: German manufacturer of banknote and security paper substrates serving central banks and security printers worldwide. Closely comparable to Portals as a specialty security paper supplier with cylinder mould and watermarking expertise for high-value documents.
• Landqart: Swiss manufacturer of security papers for banknotes, passports, and identity documents. Comparable as a specialty paper mill supplying sovereign and security print customers globally with high-security substrates.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UC7kC_1zeLiE-Cp423NMOtxg
• LinkedInlinkedin.com/company/portals-banknote-and-security-paper

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Portals De La Rue Ltd.